A team of students from the University of Rwanda is set to take part in a global challenge competition, dubbed ‘Hult Prize’, that seeks to address key global challenges.

The Hult Prize addresses global challenges such as food security, poverty, energy shortage and health. The competition focused on how people develop business solutions for people in urban slums.

The prize is a partnership between Hult International Business School and the Clinton Global Initiative (CGI). Bill Clinton selects the challenge topic and announces the winner each September.

Winners receive $1 million in seed capital, as well as mentorship and advice from the international business community.

This is the first time Rwanda will be represented in the biggest global student competition that promotes social business ideas and start-up enterprises with an aim of addressing grave issues faced by billions of people.

Speaking to The New Times on Wednesday, Elie Mandela, the coordinator, University of Rwanda Hult Prize chapter, said that the students are working in teams after which the best would be selected to compete for the ultimate prize.

"Some people are in charge of organising while others are developing business ideas. However, students have been advised to localise their ideas,” said Mandela.

With registration period running until November 5, the pre-selection phase is expected to begin mid-November. "From the preselection, the ten best teams from the university will compete at the national level in December,” he added.

Winners from the national level automatically will qualify for regional finals to take place in either; Boston, San Francisco, London, Shanghai or Dubai in March next year.

Those who will emerge top in these cities will compete in the global finals in September 2017.This year’s theme is ‘awakening human potential’, which is targeting refugees.

Mandela emphasised that this time round, organisers at the university will ensure that all pitched ideas are incubated.

"We need all these ideas to be a reality in Rwanda and not just because we are focusing on winning the competition.”

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